UBS Nabs $1B Trial Win In Highland Capital Funds Dispute
Law360 (January 30, 2020, 3:45 PM EST) -- UBS AG has scored a $1 billion judgment against two defunct affiliates of the bankrupt Highland Capital Management LP in a decade-old contract dispute over the bank's agreement to "warehouse" certain securities that were tanked by the 2008 financial crisis.
In an order made public Wednesday, a New York state judge ruled that the terms of the bank's deals with Highland CDO Opportunity Master Fund LP and Highland Special Opportunities Holding Co. entitled UBS to recover losses on a failed securitization of collateralized loan obligations and credit default swaps.
"Although inartfully drafted, the [agreement] is not ambiguous," Judge Marcy Friedman said...
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